3850 Atlantic Ave #203 · San Bernardino, CA 92346

$135,000

2 bd · 2.0 ba · 1,248 sqft · Manufactured · 7 Days on market

Built 1977 Est $154k · 12% under

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +12.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.2/5.0
• Schools +3.1/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

#203 Updated & Move in Ready home in a premier senior 55 or better community! 1977 Sunny Home, Approx. 1248 sqft 2-bedroom, 2-bathroom home. This Cozy home features a spacious living room & dining area, a bright kitchen with updated white cabinets & newer vinyl, includes an electric cook top stove, separate oven, dishwasher, fridge, and a breakfast bar. Laundry area includes both washer & dryer, with plenty storage shelves for storage. Guest bedroom features a spacious closets & adjoins to the Jack & Jill guest bathroom with enclosed tub. The master suite features a spacious closet, with a sliding glass door that exits to your covered patio, perfect to enjoy your morning paper. You will love the large in suite master bath, featuring a linen closet, & vanity area, with tub/ shower combo. The side yard is maintenance free & can be gated for your furry friends, Full length carport, security doors, & shed. Schedule your tour today!

Key facts

• Water filtration
• Plantation shutters
• Move in ready

Tags

• MOVE IN READY
• CUSTOM INTERIOR PAINT
• PLANTATION SHUTTERS
• WATER FILTRATION
• UPDATED WHITE CABINETS
• BREAKFAST BAR

Property features AI

Finance

• Other: Park name: Valencia Lea; Manager approval required
• Financial info: Land lease (monthly) — seller provided amount; Rent includes pool
• HOA & community: Senior community; Association amenities include pool, spa, club house, card room, banquet facilities, onsite property management, pet rules (pets permitted with size/number limits)

Exterior

• Parking: Tandem covered carport (attached); Driveway parking; 2 total parking spaces (2 carport spaces)
• Security: Security system; Gated community
• Utilities: District/public water; Public sewer; Natural gas connected; Electricity connected; Water connected
• Home design: Mobile home remains (24 x 52); Double body type; One story; Facing/entry on left side
• Construction: Aluminum construction materials; Shingle/asphalt roof; Concrete block foundation with pier jacks and seismic tie downs; Aluminum skirt
• Exterior features: Covered concrete slab patio; In-ground association spa (community); Association in-ground heated community pool (fenced); Shed (1); Level with street lot; Close to clubhouse; Has view; Paved road

Interior

• Kitchen: Kitchen island; Garbage disposal; Refrigerator; Vented exhaust fan; Water purifier; Double oven; Dishwasher; Electric stove
• Bedrooms: Primary bedroom on main floor; All bedrooms on main floor; Guest/maid's quarters
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms; Main floor full bath; Shower in tub; Grab bars in bathroom(s)
• Heating & cooling: Central air conditioning (electric); Natural gas heating; Forced air / central furnace
• Interior features: Open floor plan; Sliding glass door(s); Plantation shutters; No interior steps; Linen closet/storage; Turnkey condition; One story (entry level 1, entry on left side)
• Laundry & utility: Dedicated laundry room; Washer hookup; Gas and electric dryer hookup; 220V in laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $135k.

Deal economics

• At list price, monthly cash flow is $709 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Cap rate 12.6% vs local median 3.5% in San Bernardino — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 59/100 on livability (#661 in CA) — a working-class tenant base; expect higher turnover. Strengths: commute A+, housing A; Watch: schools D, employment D, crime F.
• San Bernardino City Unified (urban): math 27% / reading 40% proficiency, ranked #959 of 1,400 in CA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.9%/yr); 147 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 5,458 units permitted in San Bernardino County in 2024 (1,500 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• San Bernardino County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $38k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 4→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,000

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.54% ✓
• Cap rate: 12.59%
• Cash-on-cash: 22.49%
• DSCR: 2.00
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $153,504
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3850 Atlantic Ave #199	0.00mi	2/2.0	1,248 (0%)	5mo	$75,000	$60	96
3850 Atlantic Ave #144	0.00mi	2/2.0	1,248 (0%)	8mo	$137,000	$110	93
3850 Atlantic Ave #81	0.09mi	2/2.0	1,224 (-2%)	10mo	$150,000	$123	84
3850 Atlantic Ave #274	0.00mi	2/2.0	1,344 (+8%)	5mo	$133,000	$99	83
3850 Atlantic Ave #189	0.09mi	2/2.0	1,344 (+8%)	2mo	$90,000	$67	82
3850 Atlantic Ave #201	0.09mi	2/2.0	1,344 (+8%)	8mo	$93,000	$69	77
3850 Atlantic Ave #207	0.09mi	2/2.0	1,428 (+14%)	1mo	$208,000	$146	71
27600 Atlantic Ave #431	0.19mi	2/2.0	1,392 (+12%)	5mo	$220,000	$158	68
27600 Atlantic Ave #427	0.19mi	2/2.0	1,392 (+12%)	6mo	$200,000	$144	67
3850 Atlantic Ave #86	0.09mi	2/2.0	1,416 (+14%)	10mo	$170,900	$121	65
3850 Atlantic Ave #25	0.09mi	2/2.0	1,428 (+14%)	8mo	$197,500	$138	65
4040 E Piedmont #55	0.39mi	2/2.0	1,392 (+12%)	10mo	$205,500	$148	55

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.91% rent growth · sell at horizon

5-year hold

• IRR: 15.2%
• Equity multiple: 1.61×
• Total profit: $23,096
• Equity at exit: $20,129

10-year hold

• IRR: 23.9%
• Equity multiple: 3.05×
• Total profit: $77,580
• Equity at exit: $11,672

Cash invested: $37,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 92346

• Rents YoY: 2.9%
• Active inventory: 147
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,078 high
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $709

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 61%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2265 Bradford Ave Apt 524 Highland, CA	2.0	2.0	810	$1,800	$2.22	24d	1	0.13mi
3532 Rainbow Ln Highland, CA	2.0	1.0	882	$2,100	$2.38	1d	1	0.39mi
3495 21st St Unit B Highland, CA	2.0	2.0	1000	$2,000	$2.00	43d	1	0.41mi
3511 Rainbow Ln Highland, CA	2.0	1.0	780	$2,050	$2.63	3d	1	0.42mi
6787 Cole Ave Highland, CA	2.0–3.0	2.0	1005	$2,125	$2.11	1d	1	0.44mi
3479 20th St Highland, CA	2.0	1.0	882	$1,995	$2.26	43d	1	0.44mi
3404 20th St #1 Highland, CA	2.0	1.0	780	$2,195	$2.81	2d	1	0.52mi
7000 La Praix St Highland, CA	2.0	1.0	865	$2,200	$2.54	1d	1	0.58mi
3317 Highland Ave Highland, CA	3.0	2.0	1250	$2,000	$1.60	24d	1	0.62mi
27205 Main St Highland, CA	1.0	1.0	700	$1,575	$2.25	43d	1	0.66mi
1991 Central Ave Highland, CA	2.0	3.0	1312	$2,500	$1.91	43d	1	0.78mi
26814 Mansfield St Highland, CA	3.0	1.0	1275	$2,850	$2.24	43d	1	1.01mi
6601 Victoria Ave Highland, CA	2.0	2.0	775	$1,827	$2.36	43d	1	1.06mi
6601 Victoria Ave Highland, CA	2.0	2.0	775	$1,677	$2.16	24d	1	1.06mi
6601 Victoria Ave Highland, CA	2.0	2.0	775	$1,677	$2.16	20d	1	1.06mi
28349 Saffron Ave Highland, CA	2.0	1.0	800	$2,500	$3.12	43d	1	1.18mi
7257 Wakefield Ct Highland, CA	3.0	2.0	1183	$2,395	$2.02	24d	1	1.22mi
28490 Highland Ave Highland, CA	1.0	1.0	792	$2,200	$2.78	43d	1	1.26mi
7221 Olive St Highland, CA	2.0	1.0	866	$2,150	$2.48	43d	1	1.31mi
27531 Temple St Highland, CA	3.0	2.0	1144	$2,650	$2.32	10d	1	1.31mi

Listing history 6 events

1. 2026-06-18
   days on market $135,000 Active 7 DOM
2. 2026-06-17
   days on market $135,000 Active 6 DOM
3. 2026-06-16
   days on market $135,000 Active 5 DOM
4. 2026-06-15
   days on market $135,000 Active 4 DOM
5. 2026-06-13
   remarks 687-char remark
6. 2026-06-13
   listed $135,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 8/10 Severe 4 d/yr ≥101°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 29 unhealthy d/yr today · 35 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,934
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,995
• − Management: −$1,995
• − Depreciation: −$3,927
• Taxable income: $6,756
• Est. tax owed @ 24.0%: −$1,621
• After-tax cash flow: $6,881/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: San Bernardino City Unified
• NCES district ID: 0634170
• Math proficiency: 27% ▲ 1.00%
• Reading proficiency: 40% ▬ 0.00%
• Median HH income: $39,758
• Composite: 30.8/100
• National rank: #11385
• State rank: #959 of 1400 in CA

Livability — San Bernardino

• Score: 59/100
• State rank: #661
• US rank: #20479

Category grades

Amenities B- Commute A+ Cost of living F Crime F Employment D Housing A Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Bernardino, CA
• County: San Bernardino County · 2,030,291 people
• City population: 255,614
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 56,179
• Household income: $85,163
• Rent vs Own: 32.9% rent · 67.1% own
• Severe rent burden: 1816.0

Population outlook (San Bernardino County) Hauer SSP2

• Today (2025): 2,300,329 people
• By 2030: 2,378,907 · +3.4%
• By 2040: 2,523,137 · +9.7%
• By 2050: 2,642,388 · +14.9%
• By 2075: 2,880,769 · +25.2%
• By 2100: 2,909,436 · +26.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: Hispanic / Latino 53% White 26% Two or more races 14% Black 8% Asian 8% Native American 1%
• Hispanic origin (detail): Mexican 46%
• Common ancestry: Italian 1% Iranian 1% Lithuanian 1%
• Foreign-born: 19% · Canada, Vietnam, South Korea
• Languages at home: 60% English-only · Spanish 32% Vietnamese 2% Tagalog/Filipino 2%

Political lean MEDSL · San Bernardino

• 2024 margin: Toss-up / Even · D 47.5% · R 49.7% · Other 2.8%
• 2008→2024 swing: -8.5pp toward R · 2008: 6.3pp · 2024: -2.1pp
• All cycles: 2024: R+2.1 2020: D+10.7 2016: D+9.8 2012: D+5.4 2008: D+6.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -328.00%
• Current HPI: 367.2829
• Rent YoY: ▲ 2.91%
• Metro: Riverside-San Bernardino-Ontario, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+0.0% since first listed

10 events — show timeline

• 2026-06-11 Listed $135,000 CRMLS
• 2024-06-06 Sold (MLS) $120,000 CRMLS
• 2024-05-28 Pending — CRMLS
• 2024-05-17 Listed $115,000 CRMLS
• 2023-05-24 Sold (MLS) $115,000 CRMLS
• 2023-05-10 Pending — CRMLS
• 2023-05-08 Price Changed $115,000 CRMLS
• 2023-04-10 Price Changed $120,000 CRMLS
• 2023-04-10 Price Changed $125,000 CRMLS
• 2023-02-24 Listed $135,000 CRMLS